First Day As An Unemployed CPA

One advantage of not having a job anymore is that I can stay up late and do whatever I like, such as blogging.  I'm actually feeling very liberating today and am relieved that I won't have to attend the series of audit planning meetings end of this month like my other colleagues who are still working at my firm.

Today is the first day in my life since I graduated college that I have nowhere to go...  Yes, just plain sitting at home and watching TV shows on Netflix all day long, "The Vampire's Diaries - Season 1".  I hadn't watched any TV since 2008.  Today for the first time, I am watching Season 1 of a hit TV series that began several years ago.   At a time when Vampires were really popular, I was so busy working my butt off in public accounting that I was totally unaware of the buzz about Vampires.  Today, I felt like I had just returned from out of space and started to discover that the world had changed a lot, beginning with TV.  I don't know any of the cast members in "The Vampire's Diaries" at all.

While Vampires suck out blood from people, public accounting sucked out several years of my precious life.  In my opinion, it's worse than being beaten by a Vampire.

Anyway, the TV series is unexpectedly good. I really love it. I am so happy that I now have plenty of time to watch all the episodes.  I'm happy that I'm living again. Happy unemployment everybody!!! For those of you who are still slaving in public accounting, quit your job now and reclaim your life before you literally die of heart attack at your desk (like one of my former co-workers a while back....)

Controller Is No Accountant

Today while working at my client's office.  The controller shocked me when I proposed to reclassify cash advance into inventory in transit.  The controller told me not to bother because there was no difference between the two and they were all current assets on the balance sheet anyway.

So,  according to this controller, may be there is no need to report different types of current assets on the balance sheet, may be GAAP allows us to report all current assets in just one line under "CURRENT ASSETS"?????

This controller is a CPA who claimed to formerly have 2 years' audit experience in a local CPA firm that has over 150 employees. Shocking......If I have my own company, I will not hire this CPA firm because their auditors seem to have very different accounting standards....If you want to know if your company is using this CPA firm, type the firm's name in the comment box below and I will respond with a yes or no....